The Bank of Canada Governor holds a press conference and takes questions from reporters along with Senior Deputy Governor Carolyn Rogers.
Highlights:
- We are navigating carefully
- The Canadian economy started the year in a good place
- In March, we said we would be less-forward looking
- Much has happened since March but the situation is no less clear
- We’re going to do as much as we can to support to the Canadian economy while maintaining our focus on price stability
- My comment about ‘acting decisively’ isn’t a code word
- Says he’s heading to IMF meetings soon and expects some clarity there
He repeated the ‘navigating carefully’ line after referring to his notes. That’s clearly a talking point but it’s not clear what he’s saying. I think it implied that rate cuts were still in play but they want to try and get some clarity on tariffs. I think it’s a mistake because the path of growth is undoubtedly down and they could quickly fall behind the curve.
Rogers:
- We’re hoping for some clarity
This article was written by Adam Button at www.forexlive.com.